S&P reiterates 'avoid' rating on J.P. Morgan Chase

Standard & Poor's reiterated its "avoid" rating on financial giant and Dow industrials component J.P. Morgan Chase
JPM, +0.76%
after the company outlined plans to shore up its credit risk management approach following substantial losses in 2002. S&P feels the company still has "sizable" credit risk exposure to troubled industries, and has greater earnings risk than its peers due its business mix, which is heavily exposed to the capital markets. The firm does not feel the stocks current valuation is justified. The stock is down 74 cents, or 2.4 percent, at $30.08, but is still up 49 percent from its March 12 low ($20.13).

Have breaking news sent to your inbox. Subscribe to MarketWatch's free Bulletin emails. Sign up here.

Intraday Data provided by SIX Financial Information and subject to terms of use. Historical and current end-of-day data provided by SIX Financial Information. All quotes are in local exchange time. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Intraday data delayed at least 15 minutes or per exchange requirements.